This transition to public ownership is significant for the African American community.
The 3-on-3 league, co-founded by O’Shea Jackson Sr. (Ice Cube) and Jeff Kwatinetz, announced on June 12 that it has entered into a definitive merger agreement with Graf Global Corp., a publicly traded special purpose acquisition company (SPAC).
This initiative enables fans to purchase shares of the league, becoming part owners and participating directly in its potential growth, a privilege traditionally reserved for institutional investors or billionaires. Shares are expected to be available to the public through major online brokerage platforms once the company is listed. Interested fans can use new or existing brokerage accounts to buy and sell Big3 stock, following standard procedures for publicly traded companies.
“You can’t participate in the upside of the team besides winning,” Ice Cube said in an interview with Bloomberg. “And we need the fans for the league to be successful, so it’s a match made in heaven.”
By taking the Big3 public, Ice Cube and Kwatinetz bypass traditional venture capital channels and create direct opportunities for Black investors, fans, and communities to build generational wealth through sports equity. This change challenges ownership models that have historically excluded minority executives from top leadership roles in sports.
“Going public is our next step,” Ice Cube said in a statement. “This lifts us to a bigger stage, accelerates our international potential, and gives our fans a way to grow with us, support us, and participate in our success. According to a Business Wire press release, Mark King will join the BIG3 as Chairman of the Board, while Ice Cube continues as chief executive officer, Sean Bannon remains president, and Pro Basketball Hall of Famer Clyde Drexler stays on as commissioner.
James Graf, chief executive officer of Graf Global Corp., emphasized the limited availability of sports equities for typical investors.
“There are few, if any, opportunities for public markets investors to own equity directly in professional sports leagues or teams,” Graf said in a press statement. “We believe such investments may deliver uncorrelated returns over time, especially seeing the appreciation of team values and the growth of sports advertising across media.”
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Source: Black Enterprise
